Wells Fargo Receives No Objection to its 2017 Capital Plan
June 28 2017 - 4:34PM
Business Wire
Wells Fargo & Company (NYSE:WFC) today announced that the
Federal Reserve Board has not objected to the Company’s 2017
Capital Plan under the recently concluded Comprehensive Capital
Analysis and Review (CCAR) of the nation’s largest banks.
“We are pleased by today’s CCAR result, which demonstrates the
strength of our diversified business model, strong capital
position, and our continued focus on risk management,” said CEO Tim
Sloan.
Wells Fargo’s 2017 Capital Plan covers the four-quarter period
from the third quarter of 2017 through the second quarter of 2018.
As part of this plan, the Company expects to increase the third
quarter 2017 common stock dividend to $0.39 per share from $0.38
per share, subject to approval by the Company’s Board of Directors.
The plan also includes up to $11.5 billion of common stock
repurchases1 for the same four-quarter period. For the previous
four quarters ended first quarter 2017, the Company repurchased
$8.3 billion of common stock1,2. Quarterly common stock repurchases
are subject to management discretion.
About Wells Fargo
Wells Fargo & Company (NYSE:WFC) is a diversified,
community-based financial services company with $2.0 trillion in
assets. Wells Fargo’s vision is to satisfy our customers’ financial
needs and help them succeed financially. Founded in 1852 and
headquartered in San Francisco, Wells Fargo provides banking,
insurance, investments, mortgage, and consumer and commercial
finance through more than 8,500 locations, 13,000 ATMs, the
internet (wellsfargo.com) and mobile banking, and has offices in 42
countries and territories to support customers who conduct business
in the global economy. With approximately 273,000 team members,
Wells Fargo serves one in three households in the United States.
Wells Fargo & Company was ranked No. 25 on Fortune’s 2017
rankings of America’s largest corporations.
Cautionary Statement About Forward-Looking Statements
This news release contains forward-looking statements about our
future regulatory capital levels and possible future capital
actions, including common stock dividends and common stock
repurchases.
Forward-looking statements speak only as of the date made, and
we do not undertake to update them. Actual capital levels and
capital actions may vary materially from the expectations described
in this news release due to a number of factors, including those
described in our reports filed with the Securities and Exchange
Commission and available at www.sec.gov. The amount and timing of
any future common stock dividends or repurchases will depend on the
earnings, cash requirements and financial condition of the Company,
market conditions, capital requirements (including under Basel
capital standards), common stock issuance requirements, applicable
law and regulations (including federal securities laws and federal
banking regulations), and other factors deemed relevant by the
Company’s Board of Directors, and may be subject to regulatory
approval or conditions.
1 Gross basis: Total common stock repurchases before issuance
amounts to employee benefit plans.2 For the previous four quarters
ended first quarter 2017, common stock issuances for employee
benefit plans were $3.4 billion.
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version on businesswire.com: http://www.businesswire.com/news/home/20170628006410/en/
MediaPeter Gilchrist,
704-715-3213Peter.Gilchrist@wellsfargo.comorInvestorsJim
Rowe, 415-396-8216Jim.Rowe@wellsfargo.com
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